Back a few years ago, a couple of foreclosure notices posted at the Emmet County Courthouse was the norm. Nowadays, they might need to put another anchor in the wall so the bulletin board doesn't come crashing down (or perhaps consider purchasing a bigger bulletin board).
What does this mean for you if you are considering the purchase of a home in Emmet or Charlevoix Counties?
The number of Northern Michigan properties in foreclosure and bank owned properties on the market can potentially be considered good news for buyers. High foreclosure rates can result not only in good buys on bank owned properties, but possible short sale opportunities for homes still in foreclosure.
However, foreclosure sales can be fraught with pitfalls. Under Michigan law, bank owned properties are generally not subject to the Michigan Seller Disclosure Act. Almost all sales are on an "as-is" basis, with no disclosures of any type. In addition, most banks require that you use their form purchase agreements and addendums, which contain just about every type of waiver and release you could ever imagine. Many banks (especially the larger out of state lenders) are difficult, if not impossible, to communicate with.
As someone who is contemplating the purchase of a Northern Michigan foreclosure property, it is imperative that you have representation from both a licensed real estate professional and a licensed real estate attorney to minimize the risks associated with any such purchase. People willing to accept a certain degree of risk can be richly rewarded when purchasing a foreclosure property. However, it is only prudent to minimize that risk wherever and whenever possible.
At Buyer's Broker of Northern Michigan, LLC, we guarantee that we will always represent your interests. Broker/Owner Stefan J. Scholl is also a licensed Northern Michigan real estate attorney. Our buyer clients receive legal representation in connection with their purchase at no additional charge.
If you are considering the purchase of a foreclosure property in Northern Michigan, don't take on any unnecessary risk. Give us a call today.
Buyer's Broker of Northern Michigan, LLC
Toll Free: (877) 2 BUY NMI or (877) 228-9664
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